Tag: Asset Management Software

Conference Room Management Software: Why It Is Important for Organizations

Business enterprises across the globe leverage the information age, they have now replaced manual, error-prone methods to advanced and cloud-based conference room management software.

The conference room management software provides business organizations with in-depth insights, real-time data so that they can make efficient business decisions and improve their service. It improves space utilization, collaboration, productivity, and every other factor which is critical for a growing organization.

A Bridge between Availability & Need

Conference management software empowers business organizations to track which rooms and areas in their facility are being used more often, and which remain underutilized. This will allow your facility managers to effectively manage and fulfill the requirements of your workforce. In this way, the conference and meeting rooms will be used accordingly.

Room Reporting

Sometimes, it becomes frustrating when people don’t turn up for their meeting in spite of early booking. This makes the workplace unavailable and underutilized. Space management software with advanced capabilities allows you to track no-shows, identify employees who are repeat offenders, and enforce sanctions that reduce wasted conference room time and boost a more professional work environment.

Track Resource Usage

Whether it is catering or video conferencing tools, conference room management software allows you to track and manage all those important resources that are required for your business meetings, and you can track what has been used so that you can plan more effectively in the future.

Enhanced Productivity & Cost Saving

Integrating space management software can enhance the overall business productivity and efficiency. According to a research report, if your business has a workforce of 1,000 employees working 250 days a year, you can save up to $1.8 million, from which you can hire additional 20 employees.

Enhanced Facility Management with Integration Capabilities

Conference management software has the advanced capabilities to be integrated with other business software solutions, such as asset management solution or space management software. With this powerful integration, your facility managers can have in-depth insights and visibility into workplace utilization data. It also supports seamless data transfer.

With advanced reporting and analytics features, facilities managers can leverage conference room management software to turn data into actionable insights. They can seamlessly make adjustments to conference room bookings, adjust cleaning schedules, and identify trends in how the workforce uses conference room equipment.

Manage Hospitality Costs

With conference room management software, your facilities managers can track and manage all the hospitality costs from catering, entertainment to staff costs. The managers can accurately invoice costs or share data of internal charging to the finance team, and also allow you to plan for what costs might be required in the future.

Altogether, conference room management software has various benefits for business organizations. However, the right customization and deployment are essential to leverage all the potential of one such space management software.

Space management software  

Top 10 Benefits of Asset Tracking Software

Are you aware of the location and working condition of all your physical assets? Tracking your assets is essential for your company’s profitability and growth. From the purchase of the asset to its disposal, you should keep a track of the asset to know when you need to repair or replace it. This helps you make informed decisions about your physical inventory.

Asset tracking is the method used to track physical assets to know the location, status, and maintenance schedule of the assets. You can track your organization’s assets real-time through barcode labels, GPS or RFID tags, handheld barcode scanners, and asset management software. Asset tracking helps in maximizing asset’s efficiency and minimizing the loss.

Government agencies, corporations, and other large businesses track fixed assets such as cars, chairs, IT equipment and others using automated data collection systems. According to the 2005 Clause 49 of the Listing Agreement, all publicly held companies are required to track their fixed assets.

Organizations can use data collection software to streamline the task of compiling the list of fixed assets. On the other hand, enterprises and small to medium-sized businesses can use asset tracking software to capture inventory. Mobile devices can be used to scan barcode labels to get the data required. By using an asset tracker, the location and status of an asset can be confirmed to nearly 100 percent accuracy.

What Is Asset Tracking Software?

Asset tracking software helps in tracking movement of assets- IT equipment, devices or software, within an organization. It scans the entire assets to give a quantitative record and enable physical monitoring of your assets. Through the use of asset tracking software, organizations can schedule maintenance or preventive maintenance.

There are various reasons why enterprises should use asset tracking software

  1. Enables Asset Recovery and GPS Positioning: When your organization is handling hundreds or thousands of assets, if one gets detached from a big batch, tracing it can be quite problematic. You can spend significant manpower and lose productive time looking for the asset. Even worse, your business may experience delayed productions, increased costs and a flurry of complaining customers.
    You can avoid all the aforementioned troubles by using an asset tracking software. The software can help you to know where a particular asset is at any time and its exact GPS location.
  2. Improve Customer Service: Customers expect a positive return on investment when they sign a contract to do business with you. Among the things they expect is information about the location of their assets in real-time.
    Asset tracking software allows you to keep tabs on your customers’ assets all the time. You can also track the efficiency in which the items are moving through your internal processes and uncover opportunities for improving production.
  3. Real Time Asset Management: By using a tracking software, you will have a picture of your business assets. You can track items as they arrive or are moved to particular locations in real-time.

    Accurate asset tracking is critical for efficient data management. Thanks to this feature, you can spot duplicate records and remove them from the system to avoid confusion. For example, you can assign assets a unique identification number to prevent your data from being compromised for example, when two or more assets share the same serial number.
  4. Increase Productivity and Reduce Labor Waste: An asset tracking application can help you keep track of how many different items are passing through your departments. As a result, you can calculate an asset’s lifecycle. If your assets are tagged with RFID tags, they can be scanned automatically as they move through different stages of the process, hence eliminating the need of having people manually scanning logging their movements.
    Using an asset tracker will free your employees from menial tasks and leave them to focus on other areas of your business that contribute time to your bottom-line.
  5. Avoid Unnecessary Repair and Maintenance Costs: It is crucial to track the life cycle of assets used in projects that take months or years to complete. When you have essential information about an item, for example, when it was bought, how often it’s used, and how regularly it is maintained, you can plan effectively for its replacement. Unproductive items can inhibit your operational efficiency and lead to unnecessary costs.
    You can use asset tracking software to monitor and anticipate devaluation of items, and hence replace them on time.
  6. Allows Maintenance Tracking: Maintaining your assets is crucial for the efficiency of various processes. With advanced asset tracking software, you can set repeat alerts for the regular maintenance of the equipment used in your business. For example, you can set alerts based on your knowledge about an asset’s previous usage or condition.
    Some asset tracking applications can even be integrated with ticketing software to help you know the person in charge of carrying out maintenance, expected completion date, and so on.
  7. Helps You Conduct Asset Audits and Set Stock Thresholds: Asset audits, whether done internally or externally, put a lot of strain on the business. However, the audits are important as they enable a business to identify potential ghost licenses and assets. Your business may be incurring costs for ghost assets in the form of taxes and maintenance fees.
    An asset tracker can help you perform audits to increase the visibility of your assets and reduce compliance risks. The software will give you accurate data that you can use to make informed decisions.
  8. Streamline Maintenance Schedules: Many times, companies fall behind in maintenance management because they use manual methods to track their schedules. If some of the assets you use require ongoing or periodic maintenance, asset tracking software will give you a lifeline.
    An asset management software can alert relevant employees about scheduled maintenance to ensure there are no delays.
  9. Ensure Regulatory Compliance Many small and medium-sized enterprises are serving in industries that are heavily regulated. These firms require to efficiently capture and report data that prove their compliance with regulatory requirements.
    Asset tracking can help your organization comply with regulatory requirements such as equipment maintenance, calibration, and testing. Your reporting requirements can be completely streamlined by using an advanced asset tracking software. For example, you can get detailed compliance reports in minutes. These reports would have taken months if the same data was compiled manually.
  10. 10. Ensure Accuracy and Peace of Mind Lastly, using an asset tracking software gives you peace of mind that your business has achieved maximum accuracy in asset tracking. Proper tracking will allow your organization to consistently pass internal and external audits.
    Using asset tracking software can help your company to scale successfully. Since the tracking application is automated, everyone in the company can track assets in real-time and provide customers, auditors, and vendors with the required data in a customized format.

Businesses can achieve effective asset tracking and inventory control through staffing and barcode solutions. These solutions help to manage assets better and augment your company’s bottom-line.

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The Market for Asset Management Software is Evolving

In the dynamic modern business environment, firms use a variety of innovative methods to track the physical assets in their businesses. Asset management software is one such vital tool that is super handy to managers! So, what exactly do we mean by asset management software? It is basically a software product that automates a large portion of the commercial, financial, administrative and technical activities assigned to asset management staff.

Most asset management companies were largely traditional in their approach and utilized excel sheets and manual accounting methods. However, with the increase in business volume and digitalization, asset management servers need to remain on the top of their game to cater for diverse investor portfolios and complex transactions. That is exactly why a number of asset management software platforms are thriving at the marketplace and they are being rapidly adopted by small, mid-sized and even huge multinational organizations.

Scope of Asset Management Software:

Maintaining accurate, up-to-date fixed asset records has never been more important. Asset management is not isolated in its approach and deeply overlaps a multitude of software solutions that are important to the smooth functioning of a business enterprise. It is integrated and works closely with operations and maintenance software, such as computerized maintenance management systems (CMMS) and monitoring systems (also known as data acquisition systems, and supervisory controls and data acquisition systems). Asset management software offers a number of modules containing different business features, and companies can choose suitable modules according to their business requirement.

There are great solution providers out there in the market today which will provide you with the perfect asset management software! The GTM business report has identified three prime categories:

  • Renewable Asset Management platforms such as 3megawatt and PowerHub.

  • Financial software firms like RA Power Management.

  • Monitoring software firms such as Alectris and Power Factors.

Benefits of Asset Management Software: The entire business arena is constantly harping about the radical improvements asset management software can bring to a business. So, what are the major advantages that a firm can accrue through implementation of asset management software? Let’s have a look:

  1. Massive Cost Saving and Optimization of Resources – Asset management software helps organizations determine their exact quantitative business needs and usage requirements. It also ensures that software is procured through the most cost effective licensing agreement. It helps companies plan for the future, and budget for software requirements, including new software and upgrades or support requirements. It also reduces administrative overheads, through vastly improved efficient processes.

  2. License Compliance – One of the key benefits of asset management software is its ability to ensure that a firm is fully license compliant at any given time. It helps businesses recognize and comply with the Terms and Conditions of their end user license agreements and ensures that they stay within your legal parameters. Asset management software completely handles the compliance needs of a company and this makes software audits smooth rides without any licensing problems.

  3. Controls Security Risk – Various software asset management service providers mitigate risk by ensuring that all software is properly configured to prevent conflicts, network breaches, viruses, or other malware. There are in-built firewalls which identify and prevent users from downloading unauthorized software which can lead to computer viruses. This in turn largely eliminates the need for IT helpdesk support for software-related enquiries or employees misusing or misappropriating software usage. This can help IT helpline staff reduce support activities and allowing them to concentrate on other core activities.

  4. Improved Employee Productivity – Asset Management Software harnesses a wide variety of tools and practices to ensure that software solutions works in a seamless and integrated manner. It ensures the optimum management of user manuals, reference materials and product support, which keeps employees more productive! By facilitating the usage of common updated software versions, file conflicts and sharing issues are avoided and there is a better communication flow throughout the organization. Asset management software prevents costly and unproductive downtime, thus improving upon an organization’s responsiveness, quality, reliability and safety standards.

  5. Saves Time – Businesses spend huge amounts of time on managing their physical inventories, accounts and software assets. Asset management software platforms reduce time spent searching for information on facilities, equipment and other physical assets by streamlining searches. Asset portfolios are enabled with smart filtering, reducing information search times. And asset specifications come pre-loaded, reducing initial software setup time. It automates all major workflow processes, thus helping staff save time to concentrate on other strategic business activities.

A great asset management software solution provider can help you reduce costs, secure your network, and maximize your technology’s efficiency! So, it’s high time to adopt this revolutionary technology to positively change the horizons of your business landscape.

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6 Tips to Get the Ideal Asset Management Software

Asset management is important for any business, whether big or small. It helps to keep track of the assets and manage them properly. Though it might be easy and cost-effective to manage assets manually, it can result in loss or misplacement of assets. Asset management software helps your business become more efficient by utilizing the existing resources effectively and by saving valuable time.

Asset Management Software

If you are selecting asset management software for your business the first time, it is important to keep certain things in mind so that you get the right software to meet your specific business requirements.

Here are 6 tips to consider while selecting an APT Asset Management software for your business:

  1. Know Your Business Requirements: Know your business requirements as well as user level and technical requirements. Business requirements include how many assets there are in your business, their efficiency and performance, and why do you want to track assets.

    Quantifying user level requirements involves knowing every detail and task that is included in your workflow process. Technical requirements include how you will host the software, and what security and backup procedures you want. Also, by integrating both your technical requirements and user level requirements you can gain more than the expected benefits.

  2. Compare all the Software Options: Do online research before shortlisting your software options. Check review sites to know the feedback of the customers and how they have rated the software. Before comparing the price, compare the features of the asset management software. Compare software vendors and choose the one who is reliable, understands your business needs and really cares for your business. This research will also help you focus on a planned maintenance.

  3. Go for a Detailed Demo: Understand the usability and workflow features that the software provides. In-depth demo session should include people who will be using the software and know the overall process and some management level people as well. You should look for ways in which the software will help to improve the existing workflow process. Plus, understand the risks associated with the implementation of the software too.

  4. Check Through Referrals: You can find good asset management software through referrals. This is a trusted source and you get all the critical information about the software. If you know someone who is using the asset management software, you can check the performance of the software and from where they have purchased it.

  5. Involve all the Users: It’s important to involve all the software users during search, shortlisting and demo of the software. They are the best people to decide whether the software will fulfill all the requirements or not. User adoption of the software is necessary to manage the assets properly, and it further helps in the reuse of your assets in storage.

  6. Choose the One Which is Easy to Use: You should choose the software which requires less training and is easy to use. Your software provider should provide the training to your staff as well, so that they can operate the software easily. They should also provide the support needed after the implementation of the software.

How to Benefit from Asset Management Software?

Asset Management refers to an optimized process of deploying, implementing, operating, integrating, maintaining, and upgrading of important assets in a cost-effective way. Asset management has great importance for big and small enterprises, following which, asset management practices have become more than a necessity for businesses nowadays.

Asset management software is one of the most effective business automation tools, which helps business enterprises and organizations to simplify their asset management tasks. Various studies and their findings have come to a conclusion that, an asset management software Is highly beneficial in improving and improvising the asset management processes. Also, it increases business productivity over time. Here are a number of the most important aspects, your business can benefit after implementing asset management software.

Increases Productivity After implementing an asset management software, you can see a steep rise in the overall productivity. One such software will look after each and every aspect of asset management and maintenance, allowing you to focus on other with no probability of error in maintenance and processes. With an advanced software, you would be following a laid down plan to fix or substitute any machinery or equipment when needed.

Saves Time An asset manager software will simplify and automate all complex asset management processes, which require dedicated focus and quality time to ensure no mistakes at any level. With an automated software, manual work is completely avoided. There are no chances of error or security threat with the help of added security features and tools that keeps all confidential data protected.

Work Allocation An asset management software will notify you when and where maintenance is required. After which, you can assign the right worker for the job needed. This is also helpful while managing in-house and external resources. An asset management software simplifies the communication between the workers and the company management or admin.., allowing them to share information very easily.

Cost Reducing An automated asset management software helps you in reducing the overall costs and expenditure on managing the assets. With automation and simplification of all complex tasks, you don’t need to spend much time and resources for the same job. And hence, the asset management software reduces the overall expenditure on asset management.

Asset Optimization With an asset management software, you can efficiently optimize each and every business asset, which can be crucial for your businesses’ growth and profits. The implementation of an asset management software ensures that all your machinery, equipment and assets are utilized in the best possible and profitable way.

These were a few important and potential benefits of an asset management software, which can be crucial for your business company’s facility and asset management program.